As a member of the military, you are entitled to a number of gifts that the US is happy to offer. The key is figuring out what those gifts or programs are, and the following guide will help you take advantage of the financial perks available to these treasured members of society.
The No-Money Down Perk
One perk you can take advantage of as a member of the military is the “no-money-down” perk. This allows you to purchase a home without worrying about a down payment though some people end up paying a small down payment as it depends on your situation.
You’ll have to talk to a local realtor who specializes in VA matters, so if you happen to be in Temecula, look for someone there to help you with your options. Choosing a local realtor helps you navigate local requirements. If you don’t have to pay a down payment, you can expand the search when checking out houses for sale in Temecula. This means the likelihood of finding the house of your dreams is much higher.
Genuine Chance to Save
Saving money is a problem for many Americans, but military personnel has the opportunity to save more effectively than others. The program is called the military’s Savings Deposit Program, which is available to all service personnel who are actively deployed at the time.
The money you invest in this account will earn 10 percent annual interest, and you can keep this perk after you get back for up to three months. It should be pointed out that the account is compounded quarterly. Having this kind of financial support gives you some peace of mind. That kind of money could be helpful when you come back and want to restart your civilian life.
Perks for Education
Education is expensive in the United States compared to other countries around the world. The good thing is military personnel get the opportunity to pursue a degree in public colleges without worrying about tuition costs or associated fees.
This is something you can take advantage of for up to four years, and what is even better is that if you are a long-term service member you can transfer those perks to your kids or spouse. If you are thinking of attending private school, that’s also an option, but the military is only going to cover up to $24,477, so the rest is going to have to come from you somehow. Be sure to plan ahead if you are hoping to continue your education at some point.
Access to Mortgage or Rent Subsidies
Active members may also get a mortgage or a rent subsidy. The conditions are specific, so you need to talk to a VA to see if you qualify, but you could end up getting some or all of your living expenses taken care of by the US military. There are also some realtors, like those of So Cal VA Homes, that offer homes for sale in Temecula, CA, at a reduced rate, and with lower loans for veterans.
A lot is going to be considered for this, such as how long you’ve been active, where you are living, and your rank, just to name a few things. You should be prepared to answer a few questions to gain access to this specific perk, but it can come in handy depending on your living situation.
Interest-Free Loans for You
A loan is something most people would rather not get because you have to pay interest, but you have access to interest-free loans. That means if you fall into financial trouble, you can request a loan and not have to worry about paying any interest.
The loans are usually quite small, but it gives you peace of mind knowing that the US military has your back at any point in your life should you hit a financial hurdle. Regular loans are available to you as well, but these will come with an interest rate, but they should be discounted should you need to borrow money for another reason.
These are just some of the financial perks available to you as military personnel, but there are many more opportunities you should check out. Be sure to explore all of the financial opportunities you have available so that you can plan your future more effectively
